Study reveals how much money you need to retire in Thailand

[moe666]

41 minutes ago, Surelynot said:

No way this estimate of 10.9 million baht takes into account lady drinks!

It didn't say it did.

[overherebc]

5 minutes ago, BritManToo said:

That works out at 70,000bht/month.

I'm living a much higher lifestyle than back in the UK, as a family of four, on 40,000bht/month.

If I was living alone that would reduce to between 20,000-25,000bht/month.

 

I guess they were basing their figures on people living in Bangkok.

As an expat retiring here how can you buy a house, ok you can buy a condo but why would you?

So all these figures mean paying rent every month. How much is the rent? depends on what and where you rent.  Weekly monthly expenses? depends what you want to spend on, imported steak and a bottle of wine every night?

Needs more detail. ????????

[Airalee]

36 minutes ago, sungod said:

I guess if you are worried about a few quid here and there then you dont qualify.....

I’m not worrying about a few bucks.  I have a background in Economics so those are the kinds of questions that I would normally ask.

[Airalee]

35 minutes ago, Morch said:

 

Factoring on this causing a moderate steer among the the membership, more like.

Yes...it’s bound to bring out the “I have more money than you” crowd.

[moe666]

1 minute ago, overherebc said:

As an expat retiring here how can you buy a house, ok you can buy a condo but why would you?

So all these figures mean paying rent every month. How much is the rent? depends on what and where you rent.  Weekly monthly expenses? depends what you want to spend on, imported steak and a bottle of wine every night?

Needs more detail. ????????

It is just a low ball estimate of a person living a medium expense stay in Thailand. it is not ment to explain every expense one might have. owning a bike or a car will increase your expense for insurance, repairs, registration. It is a ball park figure you need to add your extras or subtract your savings.

[timendres]

2 minutes ago, Airalee said:

I’m not worrying about a few bucks.  I have a background in Economics so those are the kinds of questions that I would normally ask.

 

And a valid question it is, since during certain times, 10 years of inflation can be dramatic. Another valid concern is exchange rates, since most will be working with a monthly payment from SS or a pension. This, in my opinion, is the greatest risk in retirement, to which any British citizen can surely attest.

[Surelynot]

18 minutes ago, moe666 said:

It didn't say it did.

You don't do humor?

[Airalee]

2 minutes ago, timendres said:

 

And a valid question it is, since during certain times, 10 years of inflation can be dramatic. Another valid concern is exchange rates, since most will be working with a monthly payment from SS or a pension. This, in my opinion, is the greatest risk in retirement, to which any British citizen can surely attest.

Exactly...exchange rates and ZIRP have definitely pummeled the British expats over the last 20 years.  That should be taken into account.  Maybe I should lead a less healthy lifestyle so I don’t outlive my money.

[Lacessit]

I have coffee every day, and on average would eat out here 4-5 times a week for lunch. I also play golf three times a week.

I certainly don't have 11 million baht, but I do have a regular pension and investments that generate more income. My capital base has not depleted over the last 5 years of my retirement.

On that basis, I can only conclude the study has quite a few flawed assumptions.

[fishtank]

24 minutes ago, BritManToo said:

That works out at 70,000bht/month.

 

I can only dream of having that amount.

Have a good life on less than half that.

Where do they dig these figures up.

 

[Surelynot]

1 minute ago, Airalee said:

Maybe I should lead a less healthy lifestyle so I don’t outlive my money.

Been thinking the same...thought about smoking, but that could take 20 years or more.....alcohol? Can't drink anymore than I do now!......Drugs?

[Captain Monday]

Kyrgyzstan, the new Ft. Lauderdale.

[Captain Monday]

15 minutes ago, Captain Monday said:

Kyrgyzstan, the new Ft. Lauderdale.

In 1989 Bishkek was 10 percent jewish. Could I get a decent bagel there?  One shouldn't bother with the "authentic"  NY pastrami in Chiang Mai. Dreck

https://en.wikipedia.org/wiki/Kyrgyzstan

[Sujo]

20 minutes ago, Lacessit said:

I have coffee every day, and on average would eat out here 4-5 times a week for lunch. I also play golf three times a week.

I certainly don't have 11 million baht, but I do have a regular pension and investments that generate more income. My capital base has not depleted over the last 5 years of my retirement.

On that basis, I can only conclude the study has quite a few flawed assumptions.

I dont think it considers pension per se. it considers what you need, no matter where it comes from. So about 70,000 bht monthly give or take.

 

it doesnt state depletion either So with what you do, is your expenditure about 70k a month.

[smedly]

this is nonsense and does not seem to consider income as in pension payments which would offset the need for savings considerably 

[Maha Sarakham]

I thought it was a decent (and fun) infographic attempt at comparing prices around the world.  Impossible to capture the level of detail in such a simple study that some of you are looking for.  I do think they were a bit conservative on their coffee and restaurant allocations however ???? 

[Pinot]

2 minutes ago, Maha Sarakham said:

I thought it was a decent (and fun) infographic attempt at comparing prices around the world.  Impossible to capture the level of detail in such a simple study that some of you are looking for.  I do think they were a bit conservative on their coffee and restaurant allocations however ???? 

It's fodder for the curmudgeons on TV to pick apart. Jesus wept...

[Ventenio]

ONLY a few years ago I was reading how everyone hated bitcoin, and basically hated everything else...

 

so i figured i would buy 8 bitcoins for  a few thousand USD and then in a few years be able to retire in Thailand forever....

 

easy.  

 

don't worry, another bitcoin will come around....but don't miss out!!!!  

[Lacessit]

23 minutes ago, Sujo said:

I dont think it considers pension per se. it considers what you need, no matter where it comes from. So about 70,000 bht monthly give or take.

 

it doesnt state depletion either So with what you do, is your expenditure about 70k a month.

No, it's more like 50,000 a month. I consider I live quite well on that, but of course living well is a matter of opinion. For some, less than 100,000 baht/month is penury.

 

[Airalee]

How’s the weather in Pakistan this time of year?

[foreverlomsak]

11,000,000 Baht, for 14 years, or 65,476 Baht per month, they must have been peeking at Immigration monthly income requirement, it has been 65,000 Baht per month for a few years now.

[Kinnock]

So many variables in a real person's situation - I guess this is a just number to compare different countries using a standard set of conditions?

 

While working in Thailand I bought and paid for my condo, so that must change my figure when I retire.  

[Morch]

4 minutes ago, foreverlomsak said:

11,000,000 Baht, for 14 years, or 65,476 Baht per month, they must have been peeking at Immigration monthly income requirement, it has been 65,000 Baht per month for a few years now.

 

Last immigration home visit, the guy handling the "interview" asked about my monthly income. Said I don't have a fixed one, but can tell how much we spend (probably ~50 without extras/surprises), more or less. No go, kept at it for a bit, then said he's putting down 60k. Whatever. Our neighbor serving as witness got a similar treatment - the "haggling" between them about what sum went down in record was too funny. As far as I understand, it's just for their statistics, such as they are.

[NCC1701A]

3 hours ago, snoop1130 said:

This was determined as going out once a week, takeout coffee once a week, no smoking, moderate drinking, no taxis or rideshares, eating mainly Western food at home, two vacations and renting a 1 bed apartment in a city centre, among other factors.

[treetops]

2 hours ago, BritManToo said:

I'm living a much higher lifestyle than back in the UK, as a family of four, on 40,000bht/month.

If I was living alone that would reduce to between 20,000-25,000bht/month.

 

You have my sympathy.

[alyx]

3 hours ago, bolt said:

At first it may seem high, but its a reasonable amount for 14 years, it works out approx. 70K Thb per month

but 14 years seem a bit short for me.

How about 35K per month and  you get an extra 14 years...that should do the trick ????

[ChaiyaTH]

The study failed as they never knew about the domestic taxes in soi 6

[ChaiyaTH]

48 minutes ago, alyx said:

How about 35K per month and  you get an extra 14 years...that should do the trick ????

That is some very messed up math and retirement planning from the very beginning as it is all based on drawing from a 11M fund that doesn't gain anything.

 

This while it should be gaining at least 7% a year thus it would be realizing 65K baht a month in returns alone, even in case it is just 4-5% a year, it is still 50K up. People underestimate the power of compounded interest so much, that is why they retire way too late too (pension fund managers thank you from the bahamas as well uncle sam, they make 15% a year for the past 2 decades on your cash).

 

This aside we all forget to consider inflation, in 15 years you need 75K to have the same as 50K today. Thailand did not get that much more expensive, our money is just getting worthless on high speed due to printing of central banks.

[ChaiyaTH]

3 hours ago, bolt said:

At first it may seem high, but its a reasonable amount for 14 years, it works out approx. 70K Thb per month

but 14 years seem a bit short for me.

It is 28 years if assuming 7% yearly returns on capital, which is acceptable to expect. Just get bitcoin already lol, or get creamed...

[kokesaat]

Having lived in Thailand for 24 years, I'm of the opinion that monthly expenses as so often used are just the tip of the iceberg.  There's the inevitable vehicle purchase/insurance/registration, periodic medical problems, unexpected changes in immigration rules that crop up over the years.

It seems to me that many people who rely on the monthly 65,000baht deposit probably are living on the edge......or chose to live on the edge.....rather than just plop 800,000 in the bank and be done with it.   While 65k/month may be adequate for immigration, without a tidy sum tucked away for all the other expenses that crop up, it's not enough to live in Thailand long term.  It can be done......but life here would not fit my idea of 'retired' life.